VAT

[greekyacht]

I am thinking of buying a new-built yacht to sail it only in Greece, where I reside permanently. At yet I havent decided on the brand/type as I am still looking at the expenses involved. I have noted that on the purchase price I will have to calculate another 18% for VAT. As I am interested to use it only in Greece, does anyone have any ideas on how to minimize such expense or any good lawyer in Greece who could give me some guidlines.
Thanks

 

[squidge]

Pay it or you will need a "good lawyer". Dont pay it and you risk having you nice new toy confiscated. Unless you keep it out of Greece and the EU.

 

[greekyacht]

Disappointing but thanks

 

[Gordonmc]

Find out if you can establish an agreed value with Customs at the port of entry or commissioning. I know this is possible in Cyprus. The trick then is to minimise the value of the vessel, ie to present as little equipment as you can get away with. Yes, you will pay VAT on winches, electronics etc, but these items will not be adding to the book value of the boat.
If you present the boat as ready for sea you will effectively be paying VAT on the add-ons twice.

 

[Benbow]

To hijack this thread:

Suppose I

1 am a british citizen but not normally resident
2 register a new boat outside the EU
3 sail it around the world for 2-3 years - including periods within the EU - but always on the move

When I eventually bring it into the the EU can I pay VAT on its reduced value rather than its original value?

Presumably 3 above is the tricky one. Can I nip out and back of EU waters as deadlines approach?

Thanks

 

[Gordonmc]

I was looking seriously at a steel boat in Cyprus, probably worth around £35k. It had circumnavigated, then was left for some years on the hard. The local customs agreed a value of £14k and set VAT at just over £1k.
One note of caution - this was a home-build boat and Customs might go for a manufacturer's book price for a Benbavjen.